credit checks

[Dollydoo]

should a bank consult a credit reference agency when you apply to open

a savings account with them, even if you're an existing customer? I thought they were only supposed to carry out a credit check if you were applying for credit as the more searches that are done can sometimes affect your credit rating.

[Paul76]

Hey Dollydoo,

 

The only search a company could/should do in relation to a savings account is an ID check so they know you're living at the address you are providing. (I know this sounds a bit strange when you're an existing customer but that doesn't seem to be taken into consideration)

 

Anyway, ID checks are not seen by companies when you apply for credit, so therefore this should not affect your credit rating.

[Dollydoo]

I did question the staff member when she mentioned doing a credit check and she just said they've done this for a few years now and never said it was for identification purposes - which would've saved the confusion! Thanks very much Paul76